Chapter 7 Trustee Payments?

[Noob1]

Hello all,

My car is paid off and is worth 10,000 dollars. I was told that I can keep the car as long as I pay the difference (which is 5,000 dollars). I'm curious if you are able to make payments to the Trustee for the difference? I'm located in Colorado.

Thanks,

[AngelinaCatHub]

Hello all,

My car is paid off and is worth 10,000 dollars. I was told that I can keep the car as long as I pay the difference (which is 5,000 dollars). I'm curious if you are able to make payments to the Trustee for the difference? I'm located in Colorado.

Thanks,

Yes we did this. Actually, not on a car but on our non-exempt stuff. The Trustee was fair and gave us a 5K paid in 12 450 no interest payments. Of course you become an asset case and it will not be closed until all payment made and disbursed. You also could try to bargain a lessor amount, or give the car up. 'Hub

[Noob1]

I also heard that if the car needs work done to it that will help lower the value of the car is the correct?

[Noob1]

???

[Ditos]

If you have body repair work then go and have a written estimate for work needed. Deduct that from the value of the car. Worked for us and lowered the value below the threshold.

[tcreegan]

Hi Noob1,

Since it makes $$ difference to you, here are the methods I have seen around here...

Take it to a mechanic and get an estimate on everything that is wrong w/ the vehicle. (be upfront about it, you should pay something for their time)

Then get an appraisal done. Most insurance companies have an appraiser they use....call around and see who is in your area. Show them the mechanics estimate.

Use Kelly Blue Book to get a value for your vehicle.

Find similar vehicles in the classifieds, craigslist, ebay ...get as many as you can and get an average.

Use the lowest value you come up with in the BK but be prepared for the trustee to use a higher value.

Another point to remember is the cost-of-sale, the trustee has to pay someone to tow the vehicle to an auto auction, probably storage,the auction house get a cut, and everyone at an auto auction wants a good deal, not likely they will bid up to full value. Plus the hassle factor for the trustee. Make an offer, the trustee might go for 3.5K, who knows, worth asking.

..and welcome to the forum! Fellow Coloradan here...

Tom in Colo

[mom2crazies]

...if the trustee isn't a jerk.

[AJA]

I offered the Trustee 2/3rd of the value of the car after the exemption here in NY. He accepted and I paid 4000.00 over 10 months. Interest free. It works.

[AngelinaCat]

...if the trustee isn't a jerk.

Mom2crazies got assigned to the worst trustee in her district...

[mom2crazies]

Thanks Angelina. Yes, I also live in one of the worst districts...and probably the worst state